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Painting the house?

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    Painting the house?

    We have a rather large tax refund coming this year, and while we do plan on putting a large hunk into an IRA (or w/e it is) to replace the 401k we cashed out, we don't want to put the entire amount in and have it considered money hiding or something funky.

    We would like to get the inside of our house painted, as it is too much of a job for me to do myself. Not to mention, I am a little short on one end to paint vaulted walls.

    We are esitmating that it would probably run about 2k to have done, the question becomes is this a frivolous expenditure, or necessary home upkeep. We have lived here 3.5 years and haven't painted the majority of the house. With cheap flat contractor paint and 4 kids, just use your imagination.

    Of course we can grocery stock, pay our lawyer, and deposit into an IRA, but it is "necessary improvements" that trips me up!

    TIA for your thoughts.

    #2
    Painting is normally (in the real estate world) considered a cosmetic improvement, not a maintenance item. UNLESS you are painting the exterior, especially if you have a frame structure. The argument is that paint protects the exterior surface from moisture intrusion.


    When do you plan to file? If you are going to paint, maybe you want to wait 6 months or so to file after you have received the funds (maybe longer). It might look like you were trying to put money into exemptions when you replace the 401k money.

    Hopefully JustBroke or HHM or some of the more knowledgable members can jump in here to give some insight!
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

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